If you are appointed as a Compliance Officer of The Global Bank Ltd., how you will advise to Mr. Rohit Aggarwal, Branch Manager to remove the Knowledge Gaps on Legal and Regulatory Compliance in Banks with regard to proc

Central Registry of Securitization Asset Reconstruction and Security Interest (CERSAI) is a central online security interest registry of India. It was primarily created to check frauds in lending against equitable mortgages, in which people would take multiple loans on the same asset from different banks. The Central Registry of Securitization Asset Reconstruction and Security Interest of India (CERSAI) is set up under section 20 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act). At the solicitation of the Department of Financial Services, Ministry of Finance, the Indian Banks' Association has found a way to get consolidation of the Central Registry of Securitization Asset Reconstruction and Security Interest of India. Section 20 of SARFAESI Act - Central Registry: The Central Government may, by notification, set-up or cause to be set-up from such date as it may specify in such notification, a registry to be known as the Central Registry with its own seal for the purposes of registration of transaction of securitization and reconstruction of financial assets and creation of security interest under this Act.